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Notes to Accounts of Ishita Drugs & Industries Ltd.

Mar 31, 2015

1. Tax provision for income tax has been made as per the Income Tax Act, 1961.

2. Debit and credit balances in respect of debtors, loans and advances and creditors are subject to confirmation and reconciliation.

3. In accordance with the Accounting Standard AS-11 issued by the Institute of Chartered Accountants of India, net gain of Rs. 1.16 lacs (PY loss of Rs. 9.29 lacs) due to foreign exchange fluctuations arising on foreign currency transactions has been considered in the Profit and Loss Account.

4. In the year under review, the Company has provided the gratuity Rs. 8943 (P.Y. Rs. 3462) towards gratuity calculated up to the date of Balance Sheet date according to the Gratuity Act on incremental basis.

5. The company has accounted for deferred tax assets of Rs. 48754 (P.Y. deferred tax liability of Rs. 23458 ) for the year under review as per AS-22 in the profit and loss account.

6. Contingent liability to the extent not provided for ' NIL ( P.Y Rs. NIL)

7. Previous year figures have been regrouped and reclassified wherever

necessary to be in conformity with the current year figures.

8. Estimated amount of capital contracts remaining to be executed and not

provided for net of advance paid Rs. NIL (PY Rs. NIL).

9. Managerial Remuneration paid:

2014-15 2013-14

Mg. Dir. Mg. Dir.

(a) Salary Rs. 2400000 2400000

(b) Perks/ Reimbursement Rs. ----- ------

10. Payment to Auditors

2014-15 2013-14

As an auditor 15000 15000

For Taxation & Other works 5000 5000

For Tax Audit 7000 7000

Out of Pocket Expense 2000 2000

11. The Company has not received any information from any of the suppliers of their status as Small Scale Industrial Unit. Hence, the amounts due to them outstanding as at 31st March 2015 is not ascertainable.

12. Related party disclosures as per the Accounting Standard AS-18 issued by the Institute of Chartered Accountants of India:

a. List of related parties

i. Subsidiaries: The Company does not have any subsidiary Company.

ii. Key Management personnel

Mr. Jagdish Agrawal Mr. Sumit Agrawal

iii. Relatives of Key Management Personnel Ishita Pharmaceuticals

Anvi Lifesciences Pvt Ltd J & J Chemicals


Mar 31, 2014

1 . Tax provision for income tax has been made as per the Income Tax Act, 1961.

2. Debit and credit balances in respect of debtors, loans and advances and creditors are subject to confirmation and reconciliation.

3. In accordance with the Accounting Standard AS-11 issued by the Institute of Chartered Accountants of India, net loss of Rs.9.29 lacs (PY gain of Rs.2.57 lacs) due to foreign exchange fluctuations arising on foreign currency transactions has been considered in the Profit and Loss Account.

4. In the year under review, the Company has provided the gratuity Rs.3462 (P.Y. Rs.17653) towards gratuity calculated up to the date of Balance Sheet date according to the Gratuity Act on incremental basis.

5. The company has provided for deferred tax of Rs.23458 (P.Y. Rs.174590) for the year under review as per AS-22 in the profit and loss account.

6. Contingent liability to the extent not provided for Rs. NIL ( PY Rs.NIL)

7. Previous year figures have been regrouped and reclassified wherever necessary to be in conformity with the current year figures.

8. Estimated amount of capital contracts remaining to be executed and not provided for net of advance paid Rs. NIL (PY Rs. NIL).

9. The Company has not received any information from any of the suppli- ers of their status as Small Scale Industrial Unit. Hence, the amounts due to them outstanding as at 31st March 2014 is not ascertainable.

10. Related party disclosures as per the Accounting Standard AS-18 issued by the Institute of Chartered Accountants of India:

a. List of related parties

i. Subsidiaries: The Company does not have any subsidiary Com pany.

i. Key Management personnel

Mr. Jagdish Agrawal

Mr. Sumit Agrawal

ii. Relatives of Key Management Personnel Ishita Pharmaceuticals

J & J Chemicals

Anvi Lifesciences Pvt Ltd

b. Transactions / balances outstanding with Related parties


Mar 31, 2013

1. Tax provision for income tax has been made as per the Income Tax Act, 1961

2. Debit and credit balances in respect of debtors, loans and advances and ;reditors are subject to confirmation and reconciliation.

3 In accordance with the Accounting Standard AS-11 issued by the Institute of Chartered Accountants of India, net gain of Rs. 2.57 lacs (PY loss of Rs. 0.20 lacs) due to foreign exchange fluctuations arising on foreign currency transactions has been considered in the Profit and Loss Account

4. In the year under review, the Company has provided the gratuity Rs.17653 (PYRs.1385) towards gratuity calculated up to the date of Balance Sheet date according to the Gratuity Act on incremental basis.

5 The company has provided for deferred tax of Rs. 174590 (P.Y. Rs. 115524) for the year under review as per AS-22 in the profit and loss account.

6. Contingent liability to the extent not provided for : Rs. NIL ( P.Y Rs. NIL)

7. Previous year figures have been regrouped and reclassified wherever necessary to be in conformity with the current year figures.

8 Estimated amount of capital contracts remaining to be executed and not provided for net of advance paid Rs. NIL (PY Rs. NIL).

9. The Company has not received any information from any of the suppliersof their status as Small Scale Industrial Unit. Hence, the amounts due to them outstanding as at 31st March 2013 is not ascertainable.

10. delated party disclosures as per the Accounting Standard AS-18 issued by the Institute of Chartered Accountants of India:

a. List of related parties

i. Subsidiaries:The Company does not have any subsidiary Company. ii. Key Management personnel

Mr. Jagdish Agrawal

Mr. Sumit Agrawal iii. Relatives of Key Management Personnel

Ishita Pharmaceuticals

J & J Chemicals

Anvi Lifesciences Pvt. Ltd.

b. Transactions / balances outstanding with Related parties


Mar 31, 2012

1. Tax provision income tax has been made as per the Income Tax Act, 1961..

2. Debit and credit balances in respect of debtors, loans and advances and creditors are subject to confirmation and reconciliation.

3. In accordance with the Accounting Standard AS-11 issued by the Institute of Chartered Accountants of India, net loss of i 0.20 lacs (PY gain of Rs.0.92 lacs) due to foreign exchange fluctuations arising on foreign currency transactions has been considered in the Profit and Loss Account.

4. In the year under review, the Company has provided the gratuity Rs.1385 (P.Y. Rs.1385) towards gratuity calculated up to the date of Balance Sheet date according to the Gratuity Act on incremental basis.

5. The company has provided for deferred tax of Rs.115524 (P. Y.Rs.159721) for the year under review as per AS-22 in the profit and loss account.

6. Contingent liability to the extent not provided for:Rs. NIL ( P.Y. Rs. NIL)

7. Previous year figures have been regrouped and reclassified wherever necessary to be in conformity with the current year figures.

8. Estimated amount of capital contracts remaining to be executed and not provided for net of advance paid Rs. NIL (PY 7 NIL).

9. The Company has not received any information from any of the suppliers of their status as Small Scale Industrial Unit. Hence, the amounts due to them outstanding as at 31st March 2012 is not ascertainable.

10. Related party disclosures as per the Accounting Standard AS-18 issued by Ihe Institute of Chartered Accountants of India:

a. List of related parties

i. Subsidiaries:The Company does not have any subsidiary Company.

ii. Key Management personnel

Mr. Jagdish Agrawal

Mr. Sumit Agrawal iii. Relatives of Key Management Personnel

Ishita Pharmaceuticals

J & J Chemicals


Mar 31, 2010

1. Tax provision for income tax has been made as per the Income Tax Act, 1961.

2. Debit and credit balances in respect of debtors, loans and advances and creditors are subject to confirmation and reconciliation.

3. In accordance with the Accounting Standard AS-11 issued by the Institute of Chartered Accountants of India, net gain of Rs. 5.91 lacs (PY loss of Rs. 1.25 lacs) due to foreign exchange fluctuations arising on foreign currency transactions has been considered in the Profit and Loss Account.

4. In the year under review, the Company has provided the gratuity Rs. 1385 (P.Y. Rs. 2596) calculated up to the date of Balance Sheet date according to the Gratuity Act on incremental basis.

5. The company has credited the deferred tax assets of Rs. 153893 (P.Y. Rs. 531109) for the year under review as per AS-22 in the profit and loss account.

6. Contingent liability to the extent not provided for : NIL ( P.Y Rs. NIL)

7. Previous year figures have been regrouped and reclassified wherever necessary to be in conformity with the current year figures.

8. Estimated amount of capital contracts remaining to be executed and not provided for net of advance paid Rs. NIL (PY Rs. NIL).

9. The Company has not received any information from any of the suppliers of their status as Small Scale Industrial Unit. Hence, the amounts due to them outstanding as at 31st March 2010 is not ascertainable.

10. Related party disclosures as per the Accounting Standard AS-18 issued by the Institute of Chartered Accountants of India:

a. List of related parties

i. Subsidiaries: The Company does not have any subsidiary Company.

i. Key Management personnel

Mr. Jagdish Agrawal

Mr. Sumit Agrawal

ii. Relatives of Key Management Personnel

Ishita Pharmaceuticals

Umang Financial Services Ltd.

Anvi Lifesciences Pvt Ltd

J & J Chemicals

 
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